LONDON, Jan. 29, 2020 /PRNewswire/ -- In the latest issue of World Finance, Elsworth Johnson, Minister of Financial Services, Trade, Industry and Immigration at The Bahamas Financial Services Board highlights the island nation's robust financial sector. For over 80 years The Bahamas has maintained a successful track record of competing for foreign direct investment and offering wealth management services. One of the key reasons for this success is The Bahamas' position as an internationally recognised centre for the provision of financial services.
In the article, Johnson describes how The Bahamas has managed to outperform its larger rivals by delivering more effective products and services. However, this position is being challenged by a global consolidation of technological advancements, regional economic weaknesses, competition from other financial centres and global regulatory pressures that have strained national resources.
"Current trends are pointing towards a more technology-driven financial sector that is increasingly knowledge-focused," Johnson writes. "As such, The Bahamas must be prepared to adapt its product and service offerings to these changes, while also leveraging its existing strengths to seize the opportunities being created by new and emerging developments."
To maintain its success, The Bahamas has set out a new strategic vision for financial services looking ahead to 2025. This strategy includes a clear vision for The Bahamas as a recognised location of choice for specialist international financial services, building on the islands' strengths in terms of local talent, technological advancement, established infrastructure, friendly investment policies and solid, well-established regulations.
Elsewhere in the piece, Johnson outlines the government's commitment to promoting The Bahamas as a responsible, well resourced, compliant international financial centre focused on real international business, transparency and cooperation. Positioning the country as a hub for legitimate financial services aligned with all necessary international standards is essential to ensuring that finance continues to be an essential part of the islands' economy.
For more about The Bahamas and how its financial services sector is developing, check out the latest issue of World Finance, available in print, on tablet and online now.
www.worldfinance.com
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